The number of Canadians investing in vacation properties is on the rise. These properties provide a getaway for relaxation, wealth-building, and family bonding. Even non-winterized or remote locations can be financed with accessible mortgages and low rates. Whether you're looking for a lake cottage or a housing option for college, there are mortgage options available to suit your needs. However, it's important to note that lending criteria for second or third homes differ from those for primary residences. Depending on the category of vacation or secondary home, down payment requirements can range from a minimum of 5% or 10% to 20% or higher. Different types of cottages also have specific down payment requirements and receive different interest rates. The availability of mortgage options depends on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a HELOC, or a reverse mortgage. To learn more about these options and to undergo a quick mortgage pre-approval process, reach out for complete information and access to innovative tools in Canada.